Global Smart Highway Market to Reach $92.38 Billion in 2026 | North America Leads, Asia-Pacific to Witness Rapid Growth

According to a recent report published by Allied Market Research, titled, "Smart Highway Market by Component, Deployment Mode and Technology: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global smart highway market size was valued at $23.67 billion in 2018, and is projected to reach $92.38 billion by 2026, growing at a CAGR of 18.7% from 2019 to 2026.

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Smart Highways are installed to integrate technologies such as developing solar energy with photovoltaic pavements, refining the operation of transport vehicles, and for monitoring the condition of the highway and roads. In addition, smart roads generally consist of different computing technologies, such as sensors and smart monitoring systems, which are all linked into a monitoring unit.

Smart highways integrate various technologies to improve traffic management, safety, and sustainability. Key components include intelligent transportation management systems (ITMS), intelligent traffic management systems, communication systems, and monitoring systems​. ITMS, which encompasses technologies like lane departure warning systems, automatic number plate recognition, and incident detection systems, represents the largest segment in the market due to its critical role in optimizing traffic flow and enhancing road safety​.

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Furthermore, the need for better and sustainable highways form across the globe and demand for safer roads drives the growth of the market. In addition, various government initiatives taken to reduce the rise in pollution and increase in congestion on the roads fuel the growth of the market. However, unwillingness to adopt new ways of transport hampers the growth of the market. Furthermore, surge in advance technologies in the transportation sector and emergence of smart vehicles are expected to provide lucrative opportunities for the growth of the global market.

Based on components, the hardware segment accounted for nearly three-fifths of the global smart highway market share in 2018, and is expected to retain its dominance throughout the forecast period. The fact that hardware components of smart highway are cheaper than software and are faster to deploy fuel the growth of the segment. At the same time, the services segment would portray the fastest CAGR of 22.9% by the end of 2026. Rise in demand for different services such as managed services and professional services drives the segment growth.

By technology, the global smart highway market was led by the intelligent transportation management system segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of intelligent transportation management system in smart highway market include rise in adoption of smart transport system to reduce the traffic congestion problems and various government initiatives for smart transport infrastructure. However, the monitoring system segment is expected to grow at a highest rate during the forecast period, owing to surge in adoption of various monitoring system for tracking the speed of the vehicle and to increase the safety of the road.

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Based on deployment, the on-premise segment contributed to nearly three-fifths of the global smart highway market revenue in 2018, and is anticipated to lead the trail from 2019 to 2026. Increase in adoption of these systems due to enhanced security features provided by the on-premise models have boosted the growth of the segment. The cloud segment, on the other hand, would manifest the fastest CAGR of 22.3% during the estimated period, owing to the emergence of an array of different services provided by the cloud.

Region-wise, the smart highway market was dominated by North America in 2018 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include growing demand for smart road from several developed countries and increase in government funding for development of smart roads. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to technological advancement and different government initiatives for smart highway projects.

Major players in the smart highway market include Alcatel-Lucent Enterprise (Nokia Corporation), Cisco Systems Inc., IBM Corporation, Indra Sistemas SA, and Infineon Technologies AG. These companies are focusing on partnerships, acquisitions, and the development of innovative solutions to maintain a competitive edge​.

Overall, the smart highway market is poised for robust growth, driven by ongoing investments in infrastructure, the rise of connected and autonomous vehicles, and the increasing emphasis on sustainable and intelligent transportation systems.

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